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Gold Science and Technology ›› 2020, Vol. 28 ›› Issue (3): 380-390.doi: 10.11872/j.issn.1005-2518.2020.03.001

• Mining Technology and Mine Management • Previous Articles     Next Articles

Equity Concentration and Corporate Governance Efficiency of Private Mining Companies in China

Minggui ZHENG1,2(),Jianlin ZENG1()   

  1. 1.School of Economics and Management,Jiangxi University of Science and Technology,Ganzhou 341000,Jiangxi,China
    2.School of Management,University of Science and Technology of China,Hefei 230026,Anhui,China
  • Received:2019-12-12 Revised:2020-02-18 Online:2020-06-30 Published:2020-07-01
  • Contact: Jianlin ZENG E-mail:mgz268@sina.com;zeng_jianlin@163.com

Abstract:

The equity structure is the foundation of corporate governance.It is of great practical significance to establish a reasonable equity structure to improve the corporate governance efficiency.Most literatures use linear regression model or multiple nonlinear model to study the relationship between corporate governance efficiency and equity structure.Few scholars consider the impact of equity concentration on corporate governance efficiency from the perspective of China’s private mining companies,and few scholars consider that there may be a structural mutation between equity concentration and corporate governance efficiency,namely threshold effect.Based on the data of 48 private mining companies listed in Shanghai and Shenzhen from 2013 to 2017,this paper constructs a DEA model to measure the efficiency of corporate governance,and uses a threshold model to explore what kind of equity concentration is more suitable for the current economic environment of China and more effective to improve the efficiency of corporate governance of private mining companies in China.Based on the theory of production function,this paper selects total assets,asset liability ratio and number of senior executives as input indexes,growth and profit rate as output indexes,and constructs DEA measurement model of corporate governance efficiency.The results show that:The total average governance efficiency of China’s private mining companies in 2013~2017 is 0.7092,and the governance efficiency is still low;Only four companies have maintained relatively effective governance,accounting for 8.33% of the total sample;Only 10 companies have five-year average governance efficiency of more than 0.9,accounting for 20.83% of the total sample;There are significant differences in different corporate governance efficiency,and the phenomenon of two-level differentiation is serious.Taking corporate governance efficiency as explanatory variable, Tobin’Q value and corporate age as control variable, equity concentration as explanatory variable and threshold variable, a threshold model of the impact of equity concentration on corporate governance efficiency was constructed, and a multiple regression model of the impact of corporate governance efficiency was constructed with company size as explanatory variable.The results show that:(1)There is a threshold effect and an inverted “U” relationship between the equity concentration and the corporate governance efficiency.When the equity concentration is lower than the threshold of 29.73%,they are positively correlated;When the equity concentration is higher than the threshold of 29.73%,they are negatively correlated.(2) The optimal Largest shareholder holding ratio of private mining companies in China is[0.1873,0.3360].(3) The company size is negatively correlated with the corporate governance efficiency of private mining companies in China.

Key words: corporate governance efficiency, equity concentration, data envelopment analysis, threshold model, company size

CLC Number: 

  • F271

Table 1

Input and output indexes"

指标类型变量变量定义
投入指标年末资产总额(ASSETS负债与所有者权益之和
资产负债率(LEV负债总额/资产总额
高管人数(EXECUTIVE公司聘用的高管总人数
产出指标成长性(GROWTH(本期营业收入-上期营业收入)/上期营业收入
利润率(PROTIT营业利润/营业成本

Table 2

Descriptive statistical analysis of input-output indexes"

指标单位标准差平均值最大值最小值
ASSETS亿元186.4988114.10211 071.73001.6200
LEV%0.21020.44750.92000.0400
EXECUTIVE4.555316.237533.00004.0000
GROWTH%0.54690.21463.9423-0.8812
PROTIT%1.06820.31388.8813-0.9784

Fig.1

Trend chart of annual average input-output indexes of China’s private mining companies"

Fig.2

Average shareholding ratio of the largest shareholder"

Table 3

Calculation results of governance efficiency of the private mining companies in China"

决策单元2013年2014年2015年2016年2017年年平均值
10.54560.56220.66990.66270.62750.6136
20.42740.83461.00000.86410.79080.7834
31.00001.00001.00001.00000.86450.9729
40.96600.78710.87680.69280.79100.8227
51.00000.95011.00001.00001.00000.9900
61.00001.00000.90911.00000.85120.9521
71.00001.00001.00001.00001.00001.0000
80.37290.50000.62500.74630.57210.5633
90.56540.92610.72370.92110.76410.7801
101.00000.81140.87030.86220.69440.8477
110.48560.70730.72360.76940.53030.6433
120.46710.64290.83840.61690.82680.6784
130.36210.52070.43480.59460.46650.4757
141.00000.92421.00001.00000.62130.9091
150.46070.57610.59320.57430.53640.5481
160.36560.75000.74250.75431.00000.7225
171.00000.87270.83060.68200.62530.8021
180.72520.75310.83071.00000.64350.7905
191.00000.74970.77471.00000.80140.8652
201.00001.00001.00001.00001.00001.0000
210.89221.00000.94160.80210.90610.9084
220.54200.65540.63920.69890.61290.6297
230.70170.84360.83350.88990.85340.8244
240.35750.56250.52990.48560.47450.4820
250.29850.52940.57160.52420.61050.5069
260.33780.40910.47620.54340.47140.4476
270.46510.55980.56030.52430.53770.5294
280.32080.41690.41670.43050.35990.3890
290.26480.30000.43480.42130.38390.3610
300.43530.56490.66670.81240.54110.6041
311.00001.00001.00001.00001.00001.0000
320.31970.60000.77680.74020.68040.6234
331.00000.84281.00000.74940.62320.8431
340.51170.62620.66671.00000.83560.7280
350.22670.40910.45450.36620.37050.3654
360.65560.81390.71680.53311.00000.7439
370.73970.62490.62800.94980.61510.7115
380.26080.43130.35850.61050.65370.4630
391.00001.00001.00001.00001.00001.0000
400.82631.00001.00000.99260.89740.9432
410.76501.00000.86260.74020.67870.8093
420.55630.52940.90910.89880.78550.7358
430.61460.76000.73120.79010.68490.7162
440.58540.90000.72750.65720.62580.6992
450.47550.51030.60940.57430.63700.5613
460.46900.65380.64500.51710.40650.5383
470.45620.66280.56721.00001.00000.7372
480.35150.37940.38460.45020.34140.3814
平均治理效率0.62860.71780.74070.75920.69990.7092
最小值0.22670.30000.35850.36620.34140.3610

Fig.3

U-shaped relationship between equity concentration and average governance efficiency"

Table 4

Threshold effect test"

模型F值P值BS次数
单一门槛24.199***0.0001 000
双重门槛14.974**0.0151 000

Table 5

Threshold estimate and confidence interval"

门槛变量门槛值估计值95%置信区间
STRUCγ10.2973[0.1873,0.3360]
γ20.4606[0.4606,0.4606]

Fig.4

First threshold likelihood statistic"

Fig.5

Second threshold likelihood statistic"

Table 6

Regression results"

变量模型1模型2模型3模型4
STRUC_1(STRUC≤0.2973)

0.9233***

(2.8460)

---
STRUC_2(0.2973<STRUC≤0.4606)-

-0.7410**

(-2.0696)

--
STRUC_2 (0.4606<STRUC--

-0.6509**

(-2.4697)

-
SIZE---

-0.0789***

(-7.6385)

YEAR

-0.0121***

(-2.8781)

0.0059*

(1.6674)

0.0171**

(2.6757)

0.0035

(1.5988)

TOBIN

0.0222***

(4.6762)

0.0612***

(6.1857)

0.1871***

(5.4109)

0.0140***

(3.0978)

Constant

0.7136***

(8.8177)

0.7328***

(4.6075)

0.4979***

(3.1602)

0.9144***

(15.2600)

N9411036240
Adj-R20.22100.32300.43100.3390
F9.810018.30009.850041.8000
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